In its race to help Americans get vaccinated against COVID-19, the Biden administration announced a tax credit to help businesses give employees time off to get vaccinated.
Last week, the Biden administration announced a new tax credit that would help businesses offer paid time off for employees to receive COVID-19 vaccinations. Additionally, the tax credit would cover time off if an employee needs time to recover from side effects.
During the April 26 Small Business Update, Jeanette Mulvey, Editor-in-Chief of CO—, spoke with Senior Advisor to the White House COVID-19 Response Team Andy Slavitt and U.S. Chamber
Executive Vice President and Chief Policy Officer Neil Bradley about the vaccination tax credit and much more. Here are some of the biggest takeaways from the conversation, plus the White House fact sheet discussed during the event.
Bradley noted that the new vaccination tax credit is an expansion of the Families First Coronavirus Response Act, which became law in March 2020. The new tax credit applies to nearly all businesses and nonprofits with fewer than 500 employees. It provides up to $511 per day per employee for up to 10 workdays for time taken off between April 1 and September 30, 2021.
Navigating the PPP and Other COVID-19 Stimulus Legislation
Since the middle of 2020, the federal government has been offering financial aid to struggling businesses in the form of stimulus packages, with the goal of helping keep businesses afloat in the face of the COVID-19 pandemic. Things have been changing quickly, with new legislation periodically rolling out that updates old rules and adds new ones.
Our Small Business Update event series consists of virtual discussions between CO—'s Content Director, Jeanette Mulvey, and Neil Bradley, Executive Vice President and Chief Policy Officer for the U.S. Chamber of Commerce, along with special guests, where we answer your questions and provide you with the latest information on topics like the Paycheck Protection Program, the Employee Retention Tax Credit and more.
Coronavirus Small Business Resources Guide
Everything you need to help your business survive and grow as you adapt to the new world of running a small business in the age of the COVID pandemic. Click here for the American Rescue Plan Act.